Finance Minister Assures of Stable Forex with Intl Loan Disbursements
The Minister for Finance, Dr. Mohammed Amin Adam is anticipating an ease in the woes of the Ghana cedi as financial stakeholders are envisioned to release some approved loans.
The facilities include the third tranche of the International Monetary Fund (IMF) facility, US$150 million from the World Bank and another from the African Development Bank.
In a statement, the Ministry said the disbursement of these monies would support the country’s forex and ease the pressure.
“Disbursements under this project and other expected inflows from the IMF, World Bank and African Development Bank will further support the exchange rate and macroeconomic stability.”
The cedi has in recent days witnessed steep depreciation against major currencies with a US Dollar trading at ¢15.
The year-to-year depreciation of the cedi stands at 2.50% to the US Dollar and was projected to trade at ¢14.39 by the end of the current quarter and ¢14.93 in 12 months.
The trend is anticipated to impact fuel prices in the coming weeks.
